Dollar rises to historic high against dong

Vietcombank sold the dollar at VND25,777, up 0.3% from Tuesday to an all-time high level.

On the black market, the greenback inched down by 0.04% to VND25,750.

The State Bank of Vietnam's reference rate went up 0.11% to VND24,550.

The dollar has gained 1.89% against the dong so far this month.

Globally, the dollar's tariff-driven rally hit pause on Wednesday, as it slipped modestly against most of its major peers save for the yen, Reuters reported.

Against the greenback, the euro ticked up 0.02% to $1.0363, while sterling edged 0.04% higher to $1.2451. Meanwhile, the yen fell more than 0.5% to 153.35 per dollar.

Overnight the European Union, Mexico and Canada condemned Donald Trump's decision to impose 25% tariffs on steel and aluminium imports and the European Commission head Ursula von der Leyen said there would be counter-measures.

Federal Reserve Chair Jerome Powell gave the first part of his twice-yearly testimony to Congress and stuck to the view that the Fed is in no hurry to lower interest rates.

The tariff-hit Canadian dollar was firm and near its strongest levels for the year so far at C$1.4293 per dollar, even as a White House official said steel tariffs would stack on top of a threatened blanket 25% levy on Mexico and Canada.

The Mexican peso and other emerging market currencies remain under pressure and near to deep recent lows.

Vietnam's dong is squeezed by concerns a sizable trade surplus with the U.S. and big trade flows from China could invite tariffs.